Thermal Printer Market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 5.0% during the forecast period (2023-2030).
Thermal Printer Market
By Printing Type, By Offering, By Format, By Printing Technology, By Application, and By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region
Largest Market Share
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A thermal printer creates an image on paper by using heat. Because of high print quality, speed and technological advancements, thermal printers are widely used in the airline, retail, grocery, banking, entertainment and healthcare industries. Unlike many other types of printing, thermal printing doesn't need to use ink or toner and instead relies heavily on thermal papers to create images. Due to the obvious speed with which they print, they are also widely used in producing labels.
Less expenditure, easier use, silent availability of various models and sizes, efficiency and speed and durability are some of the major advantages of thermal printers compared to other printer variations. The popularity of thermal printing in AIDC technologies has increased due to increased productivity, reduced paperwork and ensuring accurate data gathering and transfer.
Growing concerns about counterfeiting goods and products are one of the major global thermal printer market drivers. However, High investment and maintenance costs could be a major market restraint.
Growing concerns about the counterfeiting of goods and products
Counterfeiting costs millions in lost revenue each year and many industries are striving to overcome the growing concerns related to the counterfeiting of their products. Fake goods have plagued the global food and beverage market in recent years. Counterfeit products are marketed as genuine but have poor-quality ingredients, packaging or both. Consumers who purchase counterfeit goods risk their health since they might not adhere to safety regulations or contain dangerous materials.
Therefore, to overcome the growing counterfeiting concerns, companies are investing in intelligent packaging technology, which is being utilized by operators and manufacturers, including anti-counterfeiting labels and printing, to help combat such illegal activity. For instance, In March 2020, Rotech Machines, a UK-based company, introduced anti-counterfeit ultraviolet (UV) printing, utilizing the new invisible UV thermal inkjet printing. It enhances product security and traceability. It can be used for industrial parts, food and alcohol packaging, pharmaceutical products, software and high-value goods.
Anti-counterfeit labels and printing is a low-cost, simple technology that can take security to new pinnacles and make it almost impracticable for fraudsters to replicate. Thermal printing technology is designed for anti-counterfeit, high-security product protection, enabling customers in all sectors to add secure marks and codes to products. The thermal printers can print with standard batch codes, QR codes, serial numbers, brand labels or barcodes that meet ISO/IEC 15415 quality specifications. Furthermore, it can also be applied directly to specific packaging parts or labeling in various formats. Thermal printers are cost-effective, compact systems that can be easily integrated into production lines, boosting the product's market share.
High investment and maintenance costs
Thermal printers use a heated printhead to press against a medium to produce text or images on chemically treated paper. Therefore, they can print high-quality, smudge-free results within milliseconds. It makes thermal printers ideal for various commercial and industrial high-volume printing applications.
Despite their numerous advantages, thermal printers have various drawbacks. One of the biggest drawbacks of thermal printers is their high price relative to ink-based printers. Thermal printers used for commercial and industrial applications are extremely expensive.
Therefore, companies with applications and processes requiring thermal printers must undertake significant capital expenditure. The magnitude of expenditure required ensures that only major companies and conglomerates can afford thermal printers, completely pricing out small and medium enterprises. Thus, The high investments and maintenance costs are key impediments to the growth of the global thermal printer market.
COVID-19 Impact Analysis
Various factors were conducive to the favorable growth of the global thermal printer market before the COVID-19 pandemic. The global trade in counterfeit goods and products had increased substantially in years preceding the pandemic, with the OECD estimating that fake goods contributed to nearly 3.3% of global trade in 2019. Businesses across various industrial verticals were implementing solutions to combat the counterfeiting of goods.
The trend will continue beyond 2021, with the global trade in counterfeit goods and products expected to increase substantially by 2030. Pharmaceuticals and cosmetics manufacturers invested heavily in authentication and tracking technology to ensure seamless oversight at every supply chain step.
The COVID-19 pandemic unevenly impacted the global thermal printer market. Some end-users witnessed drastic decreases in usage, while others witnessed major upsurges. Lockdowns and restrictions on movement imposed by the governments to curb the pandemic spread impacted the production and installation of new thermal printers. The market relies on developing new products to generate growth. The pandemic impacted the research and development of new thermal printer technologies and products.
The COVID-19 pandemic severely disrupted global supply chains, which resulted in logistical issues like shipping delays. Components needed for thermal printers were in limited supply, according to companies. Manufacturing industries saw declines in the usage of thermal printers due to production disruptions caused by lockdowns and other movement restrictions enforced during the pandemic. The usage of thermal printers increased in retail, especially due to the increased usage of automated self-checkout kiosks. E-commerce activity also increased considerably during the pandemic, especially with the closure of various offline stores. Healthcare applications witnessed the biggest rise in the usage of thermal printers, especially for patient wristbands, medical records and tagging of medical supplies. The production process of COVID-19 vaccines also extensively utilized barcoded labels and tags for authentication and quality control.
However, many of the global problems faced during the pandemic are still lingering in their aftermath. For instance, supply chain disruptions are still present, although they are not as severe as during the initial phase of the pandemic. It has reduced components' supplies and increased prices for thermal printer manufacturers. Furthermore, an ongoing global semiconductor shortage has led to major rollbacks in producing some advanced thermal printers. High energy prices and persistently high global inflation is likely to complicate the recovery of the global thermal printers market in the aftermath of the pandemic.
The global thermal printer market is classified based on offering, printer type, format, printing technology, application and region.
The effectiveness of barcode printers in managing inventory, minimizing expenses, reducing shipping errors and enhancing customer service allows them to dominate the printer type segment
Barcodes assist company owners in managing inventory, minimizing expenses, reducing shipping errors and enhancing customer service. A barcode printer is a computer add-on that prints barcode tags or labels that can be adhered to or printed on real-world objects. Barcode printers are widely used to label shipping containers or print UPC or EAN numbers on retail merchandise. Regardless of the size and breadth of a business, purchasing a barcode label printer will help in return on investment and create opportunities. The options are almost endless, thanks to the adaptability of barcode and printer technologies. Manufacturing facilities and sizable warehouses both use industrial barcode printers. They last longer, work more rapidly and can hold much paper. Desktop barcode printers are the most common.
Each of the two most popular barcode printers uses a distinct process to produce barcode labels. Black barcodes are printed on paper by direct thermal barcode printers by heating the paper and starting a chemical reaction. However, printing barcodes on thermal transfer printers also produce heat. With this particular device, there is no chemical reaction, however. As a substitute, the heat melts a resin substance on a ribbon and spreads it across the paper in specific patterns. Direct thermal printers are frequently less expensive than thermal transfer barcode printers. Additionally, these gadgets probably make barcode labels simpler to read, particularly when exposed to heat, sunshine or chemicals.
The use of barcodes has grown significantly due to the automation and streamlining of manufacturing processes by many manufacturers around the world to reduce waste and improve output efficiency. Each product or part in the assembly has a barcode, which is repeatedly signed and recorded at each workstation. Further, barcodes have made it easier for consumers to use various products and commodities. Information about products is now stored and labeled in a common format. The product's manufacturing date, date of delivery to the retailer, number of units and selling price, among other data, can all be stored on a barcode label attached to the product. The data is retrieved and shown on the monitor during the product scanning. Since the entire procedure takes a few seconds, efficiency increases while the errors decrease, retailers can also use barcodes to keep track of their inventory and items.
The need for barcode printers has increased due to the growing manufacturing process across the globe and the ability of barcodes to reduce production time significantly. Further, barcode printer sales have rapidly increased in recent years due to their growing use across various industrial verticals. For individual identification and various events, barcode printers can be employed. The widespread use of e-commerce and the need to abolish human error will increase demand for thermal barcode printers.
Rapid expansion, as well as the development and expansion of various sectors, boost the demand and sales of the thermal printer in the Asia-Pacific
Asia-Pacific is a rapidly industrializing region with a high economic growth rate. The development and expansion of various sectors are creating a growing demand for thermal printers. The primary engines of economic growth in the Asia-Pacific are India and China. Both populous countries are undergoing major economic transformation and industrialization. China is a major global manufacturing hub, producing everything from electronics, consumer goods, automobiles and industrial equipment. Thermal printers are used for printing barcoded labels for labeling and tracking applications. Countries such as India, Vietnam, Thailand, South Korea and Malaysia also have major domestic manufacturing industries. Due to rising costs in China, many multinational and regional companies are shifting production to these countries to preserve their competitive advantage.
Cheap internet data plans and economical smartphone models have heralded the growth of the e-commerce industry in Asia-Pacific. It has led to the emergence of local e-commerce giants such as Flipkart and Alibaba while global companies such as Amazon Inc. rapidly expand in the region. E-commerce operations require barcoded labels for labeling and tracking applications, which is one of the key factors behind the growing demand for thermal printers in Asia-Pacific. With their large domestic e-commerce markets, India and China are driving the demand. South Korea, Japan, Thailand, Indonesia, Malaysia and Vietnam are some other countries experiencing rapid growth in their e-commerce industries.
The global thermal printer market is huge and is becoming increasingly competitive due to the presence of major players such as Zebra Technologies Corporation, SATO HOLDINGS CORPORATION, SEIKO EPSON CORPORATION, Star Micronics Co., Ltd., Honeywell International Inc., Brother Industries, Ltd., BIXOLON CO., LTD., Fujitsu, Toshiba Corporation and TSC Auto ID Technology Co., Ltd. The market is fragmented and market players employ market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition.
Kocks Ardelt Kranbau
Overview: Honeywell International Inc. invents technologies that address critical challenges around energy, productivity, safety, security, air travel and global urbanization. The company manages its business operations through 4 reportable segments: Aerospace, Performance Materials and Technologies, Honeywell Building Technologies and Safety and Productivity Solutions. Honeywell has established its employees across 82 countries globally. The company's magnetic sensors are reliable solutions in the aerospace industry. The company's line of magnetic sensors includes Linear and angle sensor ICs, Position sensor ICs, speed sensor ICs, Speed and direction and Value-added packaged sensors.
The global thermal printer market report would provide approximately 77 tables, 76 figures and almost 174 pages.
Product Audience 2023
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